Calumet (NASDAQ:CLMT) Sets New 12-Month High - Here's What Happened

Key Points

• Calumet shares surged 15.2%, reaching a new 52-week high of $45.55 before closing at $45.47, up from the prior close of $39.48.
• Analysts remain mixed, with a consensus “Hold” rating and average price target of $37.75; ratings include two Buys, four Holds, and one Sell.
• Calumet’s latest quarter showed revenue rising 40.8% year over year to $1.45 billion, but the company reported an adjusted loss of $1.09 per share, missing estimates for a $0.07 profit.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $45.55 and last traded at $45.47, with a volume of 2670204 shares trading hands. The stock had previously closed at $39.48.

Analysts Set New Price Targets

Several research firms have issued reports on CLMT. Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday. TD Cowen restated a "hold" rating on shares of Calumet in a research report on Wednesday, June 3rd. The Goldman Sachs Group boosted their price target on shares of Calumet from $36.00 to $40.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a report on Friday. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Calumet currently has a consensus rating of "Hold" and an average price target of $37.75.

Calumet Trading Up 15.2%

The firm has a fifty day moving average of $38.17 and a two-hundred day moving average of $32.89. The company has a market capitalization of $3.96 billion, a PE ratio of -29.34 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the business earned ($1.70) earnings per share. Calumet's revenue for the quarter was up 40.8% on a year-over-year basis. On average, equities analysts expect that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Calumet

In related news, Director Daniel J. Sajkowski sold 4,240 shares of Calumet stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director directly owned 77,718 shares of the company's stock, valued at $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Group Heritage sold 626,998 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the sale, the insider directly owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLMT. Fifth Third Bancorp grew its holdings in Calumet by 11.3% in the second quarter. Fifth Third Bancorp now owns 3,407 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 346 shares during the period. Covestor Ltd lifted its holdings in shares of Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock valued at $43,000 after purchasing an additional 492 shares during the last quarter. Caldwell Sutter Capital Inc. boosted its position in shares of Calumet by 2.7% in the 2nd quarter. Caldwell Sutter Capital Inc. now owns 20,000 shares of the oil and gas company's stock worth $720,000 after purchasing an additional 517 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Calumet by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company's stock worth $251,000 after purchasing an additional 817 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Calumet by 294.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock worth $33,000 after buying an additional 1,229 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Company Profile

Calumet Specialty Products Partners, L.P. NASDAQ: CLMT is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet's product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source